A UBO declaration is a signed statement from your business customer about who its ultimate beneficial owners are. In Dutch it is called a UBO-verklaring. You request it at the start of the relationship, at periodic reviews and when the structure changes. The declaration is a good starting point, but it is not enough. You always check its content against the KvK UBO register and other independent sources.
You can read what a UBO is in What is a UBO?. This article is about the declaration itself and its place in your KYC process.
What exactly is a UBO declaration?
In a UBO declaration, the customer states in writing who the natural persons are that ultimately own or control it. The customer also explains how that interest is structured. An authorised representative signs the declaration.
The Wwft does not prescribe a fixed template. Institutions usually use their own form, aligned with their policy. That is not a problem, as long as the content is complete and verifiable.
The declaration is different from a UBO extract from the KvK. The extract comes from the UBO register. The declaration comes from the customer and is intended for your own investigation.
When do you request a UBO declaration?
- when onboarding a new business customer
- at a periodic review, depending on the risk profile
- when there are signs of change, such as a share transfer, merger or new director
- when the UBO register is incomplete or differs from what you know
- for foreign entities for which no readily accessible register exists
What should it contain?
A useful UBO declaration contains at least:
- personal details of each UBO: name, date of birth, nationality and country of residence
- the nature and extent of the interest: shares, voting rights or ownership interest, with percentages
- how the interest is held: directly, or through which intermediate entities
- other forms of control, such as agreements between shareholders or veto rights
- if there is no UBO: an explanation and the details of the pseudo-UBOs from senior management
- whether a UBO is a politically exposed person (PEP), or a family member or close associate of one
- a structure chart as an annex where there are several layers
- name, position and signature of the signatory, with the date
- a commitment that the customer will report changes in good time
Why a declaration alone is not enough
A UBO declaration is information from the customer about itself. The Wwft asks for more. You must establish the UBO, take reasonable measures to verify their identity and understand the ownership and control structure.
A declaration can be wrong. Sometimes by accident, because the customer does not know the rules well. Sometimes because the information is out of date. And sometimes deliberately, because someone wants to stay out of sight. Preventing that last situation is exactly what UBO research is for.
Therefore check the declaration against independent sources:
- The KvK UBO register. Institutions subject to the Wwft can request an extract. Note: the register is also based on what the organisation itself has registered.
- The Trade Register. Check the directors, the authority to represent and the legal form.
- Articles of association and shareholders' register. These show who holds the shares and which rights are attached to them.
- Foreign registers and annual reports, for entities outside the Netherlands.
- Identity documents of the UBOs.
If you find discrepancies, ask the customer for an explanation and record it. If the UBO register differs from what you establish, you report this back to the KvK. Unexplained discrepancies can be a reason for enhanced due diligence.
Keeping the declaration up to date
A UBO declaration is a snapshot. Shares are sold, holding companies are set up, directors leave. Keep the information up to date:
- agree with the customer that they will report changes on their own initiative
- ask for a confirmation or a new declaration at every periodic review
- check the UBO register again when there are signs of change
- keep every version with its date, so that you can later show what you knew and when
From 10 July 2027 the AMLR applies. It also sets requirements for how current and complete UBO information must be. A well maintained file makes that transition easier.
Doing it yourself or outsourcing
Requesting a UBO declaration is simple. Verifying it, asking follow-up questions and keeping it up to date takes more time, especially with many customers or complex structures. Some organisations outsource this work to specialised analysts. You then remain responsible for the policy and the decision on the customer.